Subject: File No. S7-25-99
From: Kevin J. Yang

September 11, 2004

As an investor, I am concerned about the proposed rule known as "Certain Broker-Dealers Deemed Not To Be Investment Advisers". This rule does not seem to be in the best interest of investors, by allowing stockbrokers to act as advisers without being held to the standards of the Investment Advisers Act of 1940.